Trust Welcomes Proposed Stronger Consumer Credit Law

Building Financial Capability Trust Welcomes Proposed Stronger Consumer Credit Law

The BFC Trust, which supports New Zealand’s 198 free local budgeting services, welcomes the government’s launch of a five-week consultation on stronger consumer credit law –
full version http://www.mbie.govt.nz/info-services/consumer-protection/review-of-consumer-credit-law,
summary version http://www.mbie.govt.nz/info-services/consumer-protection/review-of-consumer-credit-law/two-page-overview-of-discussion-paper-for-consumers.pdf

Tim Barnett, Chief Executive of the Trust, said today:
“New Zealand’s laws controlling the providers of consumer credit are weak compared to those of many other countries. This is the chance for that to change. The government are floating changes which, if delivered, will transform lives. New Zealand’s budgeting agencies see around 60,000 people a year, bringing with them an average debt of just under $10,000. Expert financial mentors work with them to turn that around. Good law will make that so much more possible”.
“We encourage people harmed by high interest loans to tell their stories in this consultation, and will be preparing a comprehensive case for significant law reform”.
The consultation closes on 1 August.

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